Canaccord Genuity Group Has Lowered Expectations for STAAR Surgical (NASDAQ:STAA) Stock Price

STAAR Surgical (NASDAQ:STAA) had its target price trimmed by Canaccord Genuity Group from $41.00 to $31.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a hold rating on the medical instruments supplier’s stock.

Several other brokerages have also recently commented on STAA. Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a research report on Thursday, October 31st. Stifel Nicolaus decreased their price objective on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Morgan Stanley cut shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $50.00 to $37.00 in a research report on Monday, July 15th. Finally, BTIG Research boosted their price target on shares of STAAR Surgical from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $43.33.

STAAR Surgical Price Performance

STAAR Surgical stock opened at $29.14 on Friday. The firm has a 50 day simple moving average of $31.86 and a 200-day simple moving average of $38.46. STAAR Surgical has a 1-year low of $26.66 and a 1-year high of $52.68. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 66.23 and a beta of 0.61.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.09). The firm had revenue of $99.01 million during the quarter, compared to analysts’ expectations of $95.22 million. STAAR Surgical had a net margin of 6.38% and a return on equity of 6.77%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $0.23 EPS. Equities analysts expect that STAAR Surgical will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at STAAR Surgical

In other STAAR Surgical news, Director Arthur C. Butcher bought 1,315 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $37.99 per share, with a total value of $49,956.85. Following the purchase, the director now owns 4,208 shares in the company, valued at approximately $159,861.92. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On STAAR Surgical

A number of hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its stake in STAAR Surgical by 12.7% during the 3rd quarter. Van ECK Associates Corp now owns 3,478 shares of the medical instruments supplier’s stock worth $129,000 after buying an additional 393 shares during the period. Sei Investments Co. increased its stake in STAAR Surgical by 2.7% during the 2nd quarter. Sei Investments Co. now owns 15,087 shares of the medical instruments supplier’s stock worth $718,000 after buying an additional 394 shares during the period. Texas Permanent School Fund Corp increased its stake in STAAR Surgical by 1.0% during the 1st quarter. Texas Permanent School Fund Corp now owns 42,577 shares of the medical instruments supplier’s stock worth $1,630,000 after buying an additional 407 shares during the period. Creative Planning increased its stake in STAAR Surgical by 8.0% during the 3rd quarter. Creative Planning now owns 5,524 shares of the medical instruments supplier’s stock worth $205,000 after buying an additional 408 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in STAAR Surgical by 3.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,343 shares of the medical instruments supplier’s stock worth $540,000 after buying an additional 418 shares during the period. Hedge funds and other institutional investors own 96.70% of the company’s stock.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.